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Cartoon Wisdom
on Dec 12, 2024

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The demand for a factor of production depends largely on the

A) supply of the factor.
B) supply of other factors of production.
C) demand for other factors of production.
D) demand for the products that it helps to produce.

Factor of Production

A Factor of Production is an input used in the production of goods and services, such as land, labor, capital, and entrepreneurship.

Demand

Refers to the quantity of a product or service that consumers are willing and able to purchase at various prices over a given period of time.

Supply

The total quantity of a product or service that is available to consumers at a given price level.

  • Describe the notion of derived demand and its relevance to product and resource markets.
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JD
jaegur DeRoseDec 15, 2024
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